Student Loan Forgiveness Deadline: The federal government has extended the deadline for people with student loans to combine all of their bills into a single Direct Loan. This is because the program is still very popular and a lot of people want to join.
Consolidating all of your debts into one account can help you get longer terms, lower interest rates, lower monthly payments, and, in some cases, even get rid of all of your debt.
You can also use the government loan consolidation application to get help with income-driven repayment (IDR) and programs that forgive debt, such as Savings on a Valuable Education (SAVE).
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What is the new Student Loan Forgiveness Deadline?
This past April 30, the first deadline, passed. To give people who were interested in applying for the program but had not done so for a variety of reasons more time, the Department of Education decided to extend the deadline until June 30.
Do you have commercially held Federal Family Education Loan (FFEL) Program Loans, Perkins, or Health Education Assistance Loan (HEAL) loans?
Consolidate by April 30, 2024, to receive the maximum benefits of the payment count adjustment!
Confirm your loan type and start a… pic.twitter.com/QyH5QpQbr0
— Federal Student Aid (@FAFSA) April 29, 2024
You might choose to consolidate your debts even if you are unsure if you qualify for forgiveness of your student loans. First off, managing just one payment is simpler. For a big loan, it’s also simpler to arrange the remainder of your spending around a single payment date.
Before June 30th, fill out the online application at StudentAid.gov to combine your payments. You can still consolidate your debts and potentially have your sum waived if you submit your application after the deadline, but you won’t get the majority of the benefits.
Before you start to fill out your application, make sure you have your Federal Student Aid ID, information about your finances and personal life, and information about your loans ready. Allow enough time to finish the application; it might take up to 30 minutes. This could take up to 60 days to handle.
